Senate Committee recommendations: Mining tax and carbon tax repeal Bills

The Senate Economics Legislation Committee has recommended that the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 be passed by the Senate.

The Committee also recommended that: (i) the Government revisit incentives in superannuation for low income earners and taxation issues affecting small business, “once the Budget returns to strong surplus”; and (ii) the Government consider revisiting the question of incentives in superannuation for low income earners as part of its tax review. The Bill also proposes to abolish company loss carry-back and capital allowance deductions for small businesses.